"Oil prices have surged as the war, now in its second week, ensnares countries and places that are critical to the production and movement of oil and gas from the Persian Gulf. Prices moderated after the Financial Times reported that some members of the Group of Seven industrial nations were considering releases of strategic oil reserves to alleviate pressure on the markets."
"Brent crude, the international standard, surged to $119.50 US per barrel early in the day but later was trading near $106 US per barrel, up 14 per cent, before the opening bell. West Texas Intermediate, the light, sweet crude oil produced in the United States, soared above $119.48 US per barrel but fell back closer to $103 US."
"The war's toll on civilian targets grew as Bahrain accused Iran of striking a desalination plant vital to drinking water supplies. Bahrain's national oil company declared force majeure for its shipments after an Iranian attack set its refinery complex ablaze. The legal declaration releases the company of contractual obligations because of extraordinary circumstances."
Oil prices surged dramatically as the Iran war escalated into its second week, with Brent crude reaching $119.50 per barrel before settling around $106, and West Texas Intermediate climbing above $119 before falling to $103. The conflict directly threatened critical energy infrastructure, including attacks on Bahrain's desalination plant and refinery complex, and Israeli strikes on Tehran oil depots. These developments disrupted production and shipping routes essential to global oil supply from the Persian Gulf. Market pressure eased temporarily following reports that Group of Seven nations considered releasing strategic oil reserves. French President Macron indicated G7 leaders might coordinate a response to rising energy prices.
Read at www.cbc.ca
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